Financial Accounting Question Paper 2022
Gauhati University BCOM 1st Sem CBCS Pattern
(Honours/Regular)
Paper: COM-HC-1016/RC-1016
Full Marks: 70
Time: Three hours
The figures in the margin indicate full marks for the questions.
Answer either in English or in Assamese.
In this post you will get Financial Accounting Question Paper 2022 for Gauhati University B.Com 1st Sem CBCS Pattern.
1. Answer any ten questions as directed: Â Â Â Â Â Â Â Â 1 x 10=10
(a) The concept that a business enterprise will not be sold or liquidated in near future is known as
(1) going concern.
(2) economic entity.
(3) cost concept.
(4) None of the above. (Select appropriate answer)
(b) Which of the following is secondary storage device?
(1) RAM.
(2) ROM.
(3) Pen drive.
(4) None of the above. (Select appropriate answer)
(c) According to going concern concept, a business is viewed as having
(1) a limited life.
(2) a very long life.
(3) a definite life.
(4) an indefinite life. (Select appropriate answer)
(d) Closing Stock is valued at
(1) cost price.
(2) cost price or market price whichever is higher.
(3) cost price or market price whichever is lower.
(4) market price. (Select appropriate answer)
(e) Under instalment system, ownership on the goods passes to buyer only after the payment of the last instalment by the buyer. Â (Select whether the statements is True or False)
(f) Goods returned by the branch to head office are recorded in debit side of Branch Account. Â (Select whether the statements is True or False)
(g) IFRS are issued by IASB. (State whether the statement is True or False)
(h) The full form of RAM is _______. (Fill in the blank with appropriate word/words)
(i) Any expenditure which increases earning capacity is called _______ expenditure. (Fill in the blank with appropriate word/words)
(j) The full form of C.P.U. is Central _______Unit. (Fill in the blank with appropriate word/words)
(k) IFRS and GAAP are same. (State whether the statement is True or False)
(l) Profit on sale of building is a revenue income. (State whether the statement is True or False)
(m) Bad debts previously written off but subsequently recovered is credited to _______. (Fill in the blank with appropriate word/words).
(n) Interest on capital is a charge against profits. (State whether the statement is True or False)
(o) Hire purchase and instalment purchase systems are synonymous. (State whether the statement is True or False)
(p) Profit shown in the Branch Account is transferred to _______ A/c. (Fill in the blank with appropriate word/words)
2. Answer any five questions very briefly: Â Â Â Â Â Â Â Â Â Â 2 x 5=10
(a) What is hire purchase price?
(b) What is branch accounting?
(c) Mention any two advantages of computerised accounting system.
(d) Explain any two distinctions between hire purchase system and instalment payment system.
(e) What is matching concept?
(f) Explain any two distinctions between capital receipt and revenue receipt.
(g) Mention any two components of a computer.
(h) Explain any two distinctions between cash basis and accrual basis of accounting.
(i) Mention any two features of Tally 9.
(j) Mention any two qualitative characteristics of accounting.
3. Answer any four questions:Â Â Â Â 5 x 4=20
(a) Mention any five users of accounting information along with their various information needs.
(b) Mention any five objectives of Accounting Standards.
(c) Explain any five distinctions between capital expenditure and revenue expenditure.
(d) What is a Balance Sheet? Explain any four distinctions between a Balance Sheet and a Trial Balance. Â Â 1+4=5
(e) Mention any five needs for issuing IFRS.
(f) From the following particulars of Sourabh Hazarika, prepare a Trading A/c and ascertain his Gross Profit for the year ending on 31st March, 2022:
|
Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
|
Closing Stock Raw Materials purchased Carriage on Purchase Discount Received Sales Opening Stock |
5,500 45,000 4,000 500 75,000 1,500 |
Salaries Rent Sundry Expenses Fire Insurance of Office Wages Discount Allowed |
2,000 1,500 500 500 15,000 700 |
(g) On 1st April, 2019, Mathura Cement Ltd. purchased a Truck from Jupiter Wheelers Ltd. on hire purchase system. As per agreement, Rs. 25,000 is to be paid on delivery and the balance in three annual equal installment of Rs. 30,000, each payable on 31st March each year. The cash price of the Truck was Rs. 1,00,000.
Show the Hire Vendor A/c in the books of Mathura Cement Ltd.
(h) Kerala Tea Company purchased a motor car from Assam Motors Ltd. on instalment system on 01/01/2019, paying cash Rs. 10,000 down and agreeing to pay the balance in three equal annual instalments of Rs. 10,000 each on December 31st each year. The cash price of the motor car was Rs. 37,250 and interest was charged @ 5% per annum. Kerala Tea Company writes off depreciation @ 10% per annum on written down value method.
Show the calculation of interest and depreciation in the books of Kerala Tea Company.
4. Answer any three questions:Â Â Â Â 10 x 3=30
(a) From the following Trial Balance of Sri Arjun Talukdar and the other information given below, prepare a Profit and Loss A/c for the year ended on 31st March, 2022 and a Balance Sheet as on that date.
Trial Balance
|
Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
|
Closing Stock Carriage Outward Rent Furniture Bad Debt Advertisement Drawings Sundry Debtors Machinery Salaries |
30,000 5,000 10,000 12,000 2,400 1,000 4,000 48,000 15,000 8,000 |
Bad Debts Recovered Bank Interest Received Creditors Outstanding Wages Capital Bills Payable Trading A/c (Gross Profit) Sundry Receipts |
1,000 600 40,000 1,000 31,800 14,000 46,000 1,000 |
|
|
1,35,400 |
|
1,35,400 |
Adjustments:
(1) Outstanding Rent Rs. 5,000.
(2) Machinery to be depreciated by 10%.
(b) From the following Trial Balance of Sandip and Prakash as on 31st March, 2022, and other information given below, prepare Profit and Loss A/c and Profit and Loss Appropriation A/c of the firm for the year ended on 31st March, 2022 and the Balance Sheet as on that date:
Trial Balance
|
Particulars |
Amount (Rs.) |
Particulars |
Amount (Rs.) |
|
Plant and Machinery General Expenses Freight on Sales Furniture Stock Salaries Cash in Hand Investments Cash at Bank Bad Debts Sundry Debtors Buildings Publicity Drawings: Sandip     10,000 Prakash      6,000 |
60,000 11,000 4,280 30,000 20,000 43,700 340 20,000 11,240 2,800 98,400 1,18,000 10,000 16,000 |
Capital: Sandip    1,00,000 Prakash      60,000 Trading A/c (Gross Profit) Outstanding Freight Sundry Creditors Provision for Doubtful Debts Commission Bills Payable |
1,60,000 1,71,400 400 89,120 2,000 8,840 14,000 |
|
|
4,45,760 |
|
4,45,760 |
Adjustments:
(1) Prepaid publicity Rs. 1,000.
(2) Depreciate Furniture @ 20% per annum and Plant & Machinery @ 10% per annum.
(3) Partners will get interest on Capital @ 5% per annum.
(4) Provision for Doubtful Debts is to be increased by Rs. 2,400.
(c) Arun Traders Ltd. of Guwahati sends goods to its Kolkata Branch at cost plus 25%. From the following particulars, prepare the necessary Ledger Accounts in the books of the Head Office under Stock and Debtors System:
|
Particulars |
Amount (Rs.) |
|
Opening Stock at Branch at cost to Branch Goods sent to Branch at invoice price Loss in Transit at invoice price Pilferage at invoice price Normal loss through wastage at invoice price Cash Sales at Branch Expenses Closing Stock at Branch at cost to Branch Recovered from Insurance company against loss in transit |
40,000 1,60,000 20,000 8,000 4,000 2,44,000 64,000 48,000 12,000 |
(d) M/s Assam Traders Ltd. purchased some plants on 1st April, 2019 from Mumbai Machine Traders on instalment payment system. The cash price of the plants was Rs. 8,00,000 payable as Rs. 2,00,000 down and the balance in three equal annual instalments of Rs. 2,00,000 each, interest was to be charged on the unpaid balance at 5% per annum. The Books of Accounts are closed on 31st March, each year and depreciation on plants was written off at 10% per annum on reducing balance method. Pass necessary journal entries in the books of Mumbai Machine Traders for three years.
(e) (1) Write a brief note on various types of Accounting software. Â Â Â Â 5
(2) Mention any five distinctions between manual accounting and computerised accounting system. Â Â Â Â Â Â Â Â 5
(f) Explain how revenue is recognised as per AS-9.
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